Helping your employees save doesn’t just benefit them – it helps employers like you, too. Providing employee benefits that are easy to both understand and use will encourage them to participate. Advantage Administrators recommends accomplishing this by providing employees with a benefits debit card. Automated Spending Using a...
As you start spending more time outside and on vacation, remember that many necessary summer items are FSA-eligible! Here are a few of our favorites. Always check with your Advantage Administrators representative first, as some of these do require a prescription.
A unique and increasingly popular employee benefit is commuter benefits, which allow employees to put aside pre-tax dollars to spend on commuting expenses like parking and bus fare. Just as with other benefits, it’s important for employers to make this benefit easy to understand and use, in order for more employees to take advantage of...
Happy Memorial Day! As you celebrate with parades and cookouts, don’t forget what this day is about- remembering and honoring our fallen soldiers.
In this Family Nobody Fights Alone. Today, we wore shirts made by our team member Cathy in support of Bonnie.
Having an employee leave your company can be detrimental. According to a 2019 study by the DDI, 57% of employees have left one or multiple companies because of their manager – not their job. An additional 32% have considered leaving their job for the same reason. When you consider that employee turnover costs companies $11...
Only 16 percent of employers believe their employees are saving enough money for retirement. While many employers recognize this is an issue, determining the best solution has yielded a variety of different tactics. One retirement-planning account that’s often overlooked is a health savings account (HSA). Only 7 percent of HSA participants invest their funds, even though an HSA has retirement-planning...
We got the shot! At Advantage Administrators, we’re doing our part to stop the spread of COVID-19. Several of our employees have already gotten the vaccine.
Advantage Administrators will be closed on Monday, May 31st in observance of Memorial Day. We will resume regular hours on Tuesday, June 1.
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The Section 125 Premium Only Plan (POP) saves employers and their employees money by reducing payroll taxes. It works by making one simple adjustment in their payroll process – employees pay their portion of the insurance premiums on a pre-tax basis rather than on an after tax-basis.
The Premium Only Plan (POP) reduces employers taxable payroll by reducing employees taxable income. So, both employers and employees pay less in taxes.
IRS-sanctioned Premium Only Plans (POP) were created by the Revenue Act of 1978 and are governed by IRS Code Section 125. With a Premium Only Plan (POP):
Any employer can sponsor a Premium Only Plan (POP)
Regular corporations, partnerships, S corporations, LLC’s, sole proprietors, professional corporations, and not-for-profits can all save money on payroll taxes by establishing a Premium Only Plan (POP).
Who can participate?
While regulations prohibit a sole proprietor, partner, or members of an LLC, individuals owning more than 2% of an S corporation, or their spouse and dependents, from participating in the POP, they may still sponsor a plan and benefit from the savings on payroll taxes.
Begin saving taxes immediately.
You can start your Premium Only Plan (POP) at any time. Plus, you can have a short plan year for the first year, so that future plan years coincide with either your fiscal year or the calendar year.
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